ELKO, Nev., Oct. 28, 2020 /PRNewswire/ -- U.S. Gold Corp.
(Nasdaq: USAU) (the "Company") a gold exploration and development
company, is pleased to announce its potential future Maggie
Creek exploration plans for the project on the Carlin Trend in
Nevada.
The Maggie Creek Project is located in the heart of the Carlin
Trend, immediately adjacent to Newmont's (NYSE: NEM)
26-million-ounce Gold Quarry mine. The Project occurs along
the northeast projection of the Gold Quarry fault zone, which is an
important mineralizing control at the Gold Quarry mine, indicating
the potential to discover Carlin
style gold deposits. The recent discoveries at Carlin (Leeville) and Gold Quarry (Chukar)
demonstrate the potential for high-grade deposits at depth,
which are mostly untested at Maggie Creek. Newmont's Rainbow
deposit occurs immediately south of the Maggie Creek project
boundary. U.S. Gold Corp. has an option to earn up to 70% of
the Maggie Creek project from Orogen Royalties, Inc. (TSX.V:
OGN).
The Company believes Maggie Creek has significant discovery
potential and its exploration team and leading consultants are
continuously interpreting all the historical drilling and
exploration work previously done in the area. Results of a
district-wide gravity survey on the Maggie Creek claims were
previously announced on May 13, 2020.
This new geological information, synthesized with historical
district information, has been incorporated in the Company's future
exploration plans. The Maggie Creek exploration program in
the future is expected to initially test mineralized gold
horizons exposed at surface that are projected to down dip into
district-scale structures. Historical drilling at Maggie
Creek has been relatively shallow, with a mean depth of just 300
feet. The numerous gold showings within classical
stratigraphy and structure that hosts the majority of gold ounces
in the Carlin Trend are evident. The same host rocks and
fault structures associated with the Gold Quarry Mine, including
the Chukar-Alunite Fault Zone, that partly drive the high-grade
mineralization at Gold Quarry potentially extend onto the Maggie
Creek property. The projection of the Chukar-Alunite fault
zone into the Maggie Creek Property where it intersects a strong NW
structural corridor presents high priority potential drill
targets.
Since acquiring the Maggie Creek option, U.S. Gold Corp. has
been busy analyzing historical project data, conducting additional
geophysical surveys and planning future exploration efforts.
Ken Coleman – the Company's Senior
Project Geologist, has been out on the Maggie Creek claims, seeking
to verify historical drill collars and conducting surface
geological surveys and reviews. Future geophysical surveys
and soil sampling are being designed and are planned for future
exploration seasons. In addition, preliminary drilling plans
are being formulated using existing and newly generated data.
The Company also engaged Nevada
exploration expert Mr. John Norby to
conduct a thorough, high-level geological-technical review of the
Maggie Creek project. Mr. Norby's Maggie Creek technical
presentation can be viewed at:
www.usgoldcorp.gold/properties/maggie-creek/technical-ppt
Specific drill targets have emerged as a result of Mr. Norby's
work. Of the 241 historic drill holes at Maggie Creek, only
21 were drilled to depths of 1,000 feet or greater. Deeper
underground targets in the district are largely untested.
There are four initial target areas that will be considered as the
focus of the Company's initial Maggie Creek exploration
efforts. These include:
The NE Soap Creek Target:
Local gold intercepts on the Maggie Creek claims may be a distal
expression of larger gold concentrations along the Soap Creek
fault. There is also potential for stratiform gold layers on
the claims in the target area, as several historical drill holes
were not drilled deep enough into projected favorable horizons or
end in gold mineralization.
The Far North Rainbow Target:
This target is a down-dip continuation of drilled gold
mineralization within decalcified upper-plate rocks at the footwall
of the Cress fault. There is also potential in the hanging
wall of the Cress fault for gold discoveries in similar
lithologies.
The North Rainbow at Cress Fault Target:
Historically drilled gold mineralization is present in the
Roberts Mountain Formation in the footwall of the Cress
Fault. The upper-plate limey units in the hanging wall of the
Cress Fault are also a target.
The North Rainbow Target:
This target is a down-dip continuation of drilled gold
mineralization in the upper Roberts Mountain Formation,
intersecting a mineralized, steeply dipping dike trend and possible
sills.
Further updates about U.S. Gold Corp.'s future Maggie Creek
exploration plans will be forthcoming.
About U.S. Gold Corp.
U.S. Gold Corp. is a publicly traded, U.S. focused gold
exploration and development company. U.S. Gold Corp. has a
portfolio of exploration properties. Copper King, now the CK Gold
Project, is located in Southeast
Wyoming and has a Preliminary Economic Assessment (PEA)
technical report, which was completed by Mine Development
Associates. Keystone and Maggie Creek are exploration
properties on the Cortez and Carlin Trends in Nevada. The
Challis Gold Project is located in Idaho. For more information about U.S.
Gold Corp., please visit www.usgoldcorp.gold
Safe Harbor
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimated," and "intend," among others. These forward-looking
statements are based on U.S. Gold Corp.'s current expectations, and
actual results could differ materially from such statements. There
are a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks arising
from: unfavorable exploration results, the prevailing market
conditions for metal prices and mining industry cost inputs,
environmental and regulatory risks, risks faced by junior companies
generally engaged in exploration activities, whether U.S. Gold
Corp. will be able to raise sufficient capital to implement future
exploration programs, COVID-19 uncertainties, and other factors
described in the Company's most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and Current Reports on Form
8-K filed with the Securities and Exchange Commission, which
can be reviewed at www.sec.gov. The Company has based
these forward-looking statements on its current expectations and
assumptions about future events. While management considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory,
and other risks, contingencies, and uncertainties, most of which
are difficult to predict and many of which are beyond the Company's
control. The Company makes no representation or warranty that the
information contained herein is complete and accurate and we have
no duty to correct or update any information contained
herein.
For additional information, please contact:
U.S. Gold Corp. Investor Relations:
+1 800 557 4550
ir@usgoldcorp.gold
www.usgoldcorp.gold
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SOURCE U.S. Gold Corp.